29 Aug 3 Emotions of Owning Your Own Business
As the owner of your own business, there are three (3) emotions that EVERY owner will feel at some point. In this blog, we identify the emotion and provide practical steps to address your feelings.
This emotion you will feel prior to starting your own business and frequently throughout the process. The fear of failure and uncertainty around things you can’t control. Let’s just be clear, you WILL FAIL at some things as a business owner. I can assure you will learn more from the failures than from your successes. Some techniques to help guide your decision making include the following:
1. Ensure that your decisions align with long-term strategic plan for the company.
It is important that you develop a strategic plan for your business which will provide a roadmap. You are more likely to be successful when your decisions align with the company’s overall vision and goals outlined in your strategic plan.
2. Talk with others that have made similar decisions.
You should always have people in your circle that are small business owners. Reach out to these contacts and ask them questions prior to making your decisions. Most small business owners are open to helping others and sharing ideas.
3. Work with vendors that you trust and have a proven track record.
When working with vendors, you rarely control how they run their business. Therefore, you want to work with vendors that you can trust and have a proven track record of providing good service (i.e. delivers products on time, good customer service, financially stable business).
As the owner of the company and the person that has the final decision making power, it can be very lonely. At some point, someone in the organization will criticize you for your decisions. At times you may feel frustrated, exhausted and may even want to quit. Just know that these feelings are normal and will eventually pass. Please note: you should not express these feelings to your managers and staff. This will ONLY make them feel insecure about their jobs and/or your leadership. Some techniques to help include the following:
1. Network and connect with other small business owners.
Join a local small business network group, chamber of commerce, etc. This will provide the opportunity to meet other small business owners. You will find that many of them have experienced some of the same frustrations and headaches. They may also be willing to provide valuable information on how to handle these situations.
2. Find someone outside your business (friend, spouse, etc.) that you can talk to in confidence.
Sometimes if just feels good to “vent” and let it all out. Find someone outside your business that you can have a confidential conversation. You will be amazed at how much better you feel.
At some point, you will be rejected and hear the word “No”. This could be for a bank loan, a potential partner, or a BIG sales deal. Successfully business owners don’t let rejection get them down. Instead they learn from the rejection and use it to grow their businesses.
1. Ask why they said “No”.
Because we have an emotional attachment to our business, it is hard to hear constructive criticism. However, in order to become successful, we must receive feedback that can drive change.
2. Listen to their answer and assess the problem.
After asking the question, this is the time for you to LISTEN. Urge them to be completely honest and DON’T get defensive. Take notes and ask questions. You may be surprised at what they say.
3. Make changes where needed.
If you’ve heard the same reasons for saying no from others prospects, it’s time to make some changes. Smart business owners DO NOT keep doing the same thing but expecting different results.
These emotions will always appear at some point in your business. Use it as a tool to make your business better. Keep in mind, facing your emotions does not make you a failure. However, failure to face them and take action, can be dangerous.
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Managing the Emotions Toll of Selling Your Small Business